13% Climb In GST; March 2023 Reports Government All You Need To Know

The goods and services tax (GST) mop-up in India climbed by 13% year over year to Rs 1.60 lakh crore in March, the government reported, making it the second-highest amount ever. The amount of Goods and Services Tax collected in February was Rs. 1.50 lakh crore (GST). The overall amount of GST collected in 2022–23 was Rs 18.10 lakh crore, a 22% rise from the prior year, according to a statement issued by the finance ministry. Read More Business News on our website.

 “The GST revenue collected in 2023, in March was Rs 1,60,122 crore of which CGST: Rs 29,546 crore, SGST: Rs 37,314 crore, IGST: Rs 82,907 crore (of which including Rs 42,503 crore collected on import of the goods), and cess:  Rs 10,355 crore (of which including Rs 960 crore collected on import of goods),” the statement reads.

The  GST collection has surpassed Rs 1.5 lakh crore for the fourth time in the current fiscal year, according to the ministry, marking the second-highest collection since the regime’s inception.

Moreover, this month’s IGST collection was the largest ever. The overall collection for 2022–23 estimated to be Rs 18.10 lakh crore, with the average gross monthly collection for the full year being Rs 1.51 lakh crore. Gross revenues in 2022–2023 increased by 22% from the previous year.

The announcement states that during the fourth quarter of FY 2022–23, the average monthly gross GST collection was Rs. 1.55 lakh crore, as opposed to Rs. 1.51 lakh crore, Rs. 1.46 lakh crore, and Rs. 1.49 lakh crore for the first, second, and third quarters, respectively.